For starters, there are tech-savvy borrowers who prefer to access their loan statements online or via mobile apps. These borrowers are typically younger and more comfortable with digital platforms. They prefer the convenience of being able to access their loan information on-the-go and often utilize features such as text message alerts or push notifications to stay up-to-date with their loan balance and payment schedule.
On the other hand, there are borrowers who prefer to receive a paper copy of their loan statement in the mail. These borrowers are typically older and more traditional in their banking preferences. They value the tactile experience of holding a physical document and appreciate the reassurance of having a hard copy record of their loan history.
Lastly, there are borrowers who engage with their loan statements in a more passive manner. These borrowers may not review their loan statements as frequently or thoroughly, and may simply pay their monthly bill without reviewing the statement in detail. For this group, it is crucial that lenders prioritize the most critical information on the statement, such as the loan balance and payment due date, to ensure that borrowers are still able to make informed decisions about their finances.
At the end of the day, a loan statement is only as effective as the borrower’s engagement with it. By understanding the different ways that borrowers engage with their loan statements, lenders can optimize their statement design to better meet the needs of their borrowers. This can include offering multiple formats for accessing loan information, prioritizing critical information on the statement, and utilizing features such as text message alerts or push notifications to increase engagement and improve the borrower experience.
To learn more about our services and how we can help, download our eBook “How financial institutions can improve customer experience and drive engagement through loan statements.” Then reach out and let us help.
